By Susanna Rust2021-02-09T15:21:00+00:00
A pension scheme sponsored by a defunct employer that was part of the Carillion Group has agreed a £150m (€168m) “PPF+” buyout transaction with Legal & General, it was announced today.
The deal will enable the scheme to secure benefits that are greater than those which would have been provided by the Pension Protection Fund (PPF).
The Mowlem (1993) Pension Scheme entered the defined benefit lifeboat fund’s assessment in February 2018 following the liquidation of Sovereign Hospital Services Limited in connection with the insolvency of Carillion.
With the buyout deal it will now officially be able to exit the assessment without transferring to the PPF. The buyout secures the benefits of more than 360 deferred members and 650 retirees.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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Independent Trustee Services appoints Head of Professional Operations
Submitted
29/01/2021 - 10:17am
Independent Trustee Services (ITS) has appointed Louise Grindley as Head of Professional Operations, as the company continues to expand its services to deliver on ambitious growth plans.
Grindley brings over 30 years’ experience in the pensions industry to the role, and joins from professional services consultancy Barnett Waddingham – where she acted as a Senior Project Specialist.
Louise is a qualified PRINCE2 practitioner, as well as a Fellow of the Pensions Management Institute, She has previously worked at LCP and Aviva, where she gained expert knowledge of all aspects of DB and DC pensions administration and governance.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
Find whitepapers